As a Rangers fan, this is an easy yes. I don't know if all Blue Jackets fans would be ok with the package coming their way though.

As a rangers fan I would do this trade all day every day. I think the jackets do get something nice in zucc and hayes. Hayes can be their number 2 center for the next 8 years if they want. Zucc can be a nice playmaking winger for them on this playoff run and then they can try and resign him as a cheap top 6 wing

cbj declines.

you high.

zuc hayes and a 2nd would be nice for just Panarin. They are not going to give you a first to "take panairin off their hands" that's just asinine. Let alone give you Milano in the deal.

Jackets desperately need to restock picks, and trading down a 1st for 2nd (albeit different years) probably doesn’t make much sense.

if reports are true about NYR being his top destination, i don't know if the rangers do this. don't get me wrong, its an amazing deal and i would accept it personally if I was the rangers GM.

Panarin is a UFA next year, like i said previously, if the rangers are his top destination and they offer him a good deal all is well.
The rangers aren't competing this year (without a major move on defense) and while they are getting significant assets in milano and the 1st rounder here is an alternative:
Sign Panarin without giving up assets
Trade Hayes for a good defenseman either during season or at the draft (got my eyes on trouba, Hayes+DeAngelo i would do in a heartbeat)
Trade zucc for a 1st rounder or good prospect at the deadline

While the rangers are giving up and getting in return similar values, trouba and a 1st for the rangers is better than milano and a 1st/prospect. that's just my perspective.
overall,
Trouba>Milano+1st (i.e. wpg would most likely decline)

Trouba+1st (from potential zucc trade)> trouba (if milano and 1st was accepted for trouba)

Like i said, i have no problems with the deal you posted AT ALL. i would love for it to happen. i would just like my scenario better